The U.S. spring home-selling season got off to a strong start in April, with rising sales and prices providing evidence that a housing market recovery was gaining some traction.
The housing sector has been the Achilles' heel of the economy ever since the home-price bubble burst. Data this week, however, has painted a relatively upbeat picture for the market and underscored the economy's resilience.
"The recent buoyancy in housing market activity has raised hopes that this beleaguered sector may finally be on the verge of a rebound," said Millan Mulraine, senior macro strategist at TD Securities in New York.
New home sales increased 3.3 percent to a seasonally adjusted 343,000-unit annual rate, the Commerce Department said on Wednesday. Compared with April last year, sales were up 9.9 percent. (more)
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